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Aerie Pharmaceuticals to Announce Second Quarter 2021 Financial Results and Host Conference Call on Wednesday, August 4, 2021

DURHAM, N.C.–(BUSINESS WIRE)–
Aerie Pharmaceuticals, Inc. (NASDAQ: AERI), an ophthalmic pharmaceutical company focused on the discovery, development and commercialization of first-in-class therapies for the treatment of patients with open-angle glaucoma, ocular surface diseases and retinal diseases, announced today that its first quarter 2021 financial results will be released after the market closes on Wednesday, August 4, 2021. Following the release, the Company will host a live conference call and webcast at 5:00 p.m. Eastern Time to discuss the Company’s financial results and provide a general business update.

The live webcast and a replay may be accessed by visiting the Company’s website at http://investors.aeriepharma.com. Please connect to the Company’s website at least 15 minutes prior to the live webcast to ensure adequate time for any software download that may be needed to access the webcast. Alternatively, please call (888) 734-0328 (U.S.) or (678) 894-3054 (international) to listen to the live conference call. The conference ID number for the live call is 9845827. Please dial in approximately 10 minutes prior to the call. Telephone replay will be available approximately two hours after the call. To access the replay, please call (855) 859-2056 (U.S.) or (404) 537-3406 (international). The conference ID number for the replay is 9845827. The telephone replay will be available until August 12, 2021.

About Aerie Pharmaceuticals, Inc.

Aerie is an ophthalmic pharmaceutical company focused on the discovery, development and commercialization of first-in-class therapies for the treatment of patients with open-angle glaucoma, ocular surface diseases and retinal diseases. Aerie’s first product, Rhopressa^® (netarsudil ophthalmic solution) 0.02%, a once-daily eye drop approved by the U.S. Food and Drug Administration (FDA) for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension, was launched in the United States in April 2018. In clinical trials of Rhopressa^®, the most common adverse reactions were conjunctival hyperemia, corneal verticillata, instillation site pain, and conjunctival hemorrhage. More information about Rhopressa^®, including the product label, is available at www.rhopressa.com. Aerie’s second product for the reduction of elevated IOP in patients with open-angle glaucoma or ocular hypertension, Rocklatan^® (netarsudil and latanoprost ophthalmic solution) 0.02%/0.005%, the first and only fixed-dose combination of Rhopressa^® and the widely-prescribed PGA (prostaglandin analog) latanoprost, was launched in the United States in May 2019. In clinical trials of Rocklatan^®, the most common adverse reactions were conjunctival hyperemia, corneal verticillata, instillation site pain, and conjunctival hemorrhage. More information about Rocklatan^®, including the product label, is available at www.rocklatan.com. Aerie continues to focus on global expansion and the development of additional product candidates and technologies in ophthalmology, including for wet age-related macular degeneration and diabetic macular edema. More information is available at www.aeriepharma.com.

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Ami Bavishi 908-947-3949; [email protected]

KEYWORDS: United States North America North Carolina

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Optical Health

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Teva Generic Medicines Saved the United States $28.8 Billion in 2020, and a Total of $43.1 Billion Across Major Markets, According to Independent Analysis

• Teva saved the United States $28.8 billion in 2020, $4.2 billion of which were direct savings to US patients
• Teva delivered $9.6 billion in savings in 2020 to healthcare systems across nine European countries, including the UK, Germany and Spain
• The Company supported nearly 250,000 jobs and contributed $52 billion to economic output across 15 countries

TEL AVIV, Israel–(BUSINESS WIRE)–
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) released a new report highlighting the billions of dollars saved by the healthcare system due to its generic medicines, and the Company’s contribution to economies in 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210728005045/en/

Teva’s Economic Impact Report, an independent study by Matrix Global Advisors (MGA), demonstrates how Teva, the leading provider of generic medicines, saved $43.1 billion across its major markets in 2020 alone. These major markets represented 75% of Teva’s revenues in 2020.

During the COVID-19 pandemic, Teva’s manufacturing, distribution and R&D sites remained open to continue supplying quality, affordable medicines to the nearly 200 million patients it serves every day. In addition, the Company’s economic activity supported nearly 250,000 jobs and contributed $52 billion to economic output across 15 countries.

“During 2020, Teva continued to provide access to quality affordable medicines, despite the challenges brought by the pandemic,” said Kåre Schultz, President and CEO of Teva. “The report released today shows the extent to which our leadership in generics contributes economic benefits and healthcare savings, particularly in the United States, where we saved $28.8 billion in healthcare costs in 2020 alone, $4.2 billion of which are savings to patients.”

In the US, Teva’s 11 manufacturing sites supply 11 billion doses annually. Teva medicines accounted for one of every 10 generic prescriptions in 2020. The Company’s economic activity also supported more than 57,000 U.S. jobs and contributed $15.7 billion in economic output in the United States.

Teva is the leading generic medicine company in Europe, where it operates 32 manufacturing and R&D facilities. Across 9 major markets in Europe, Teva saved healthcare systems $9.6 billion in 2020, supported more than 100,000 jobs and contributed $29.5 billion to economic output.

“Teva employs approximately 40,000 workers in 60 countries around the world and had net revenues of $16.7 billion in 2020. But Teva’s economic impact is not just as an employer and job creator. As one of the largest manufacturers of affordable generic medicines, Teva saves patients and payers around the globe billions of dollars each year in lower prescription-drug costs,” said Alex Brill, CEO of MGA.

Combining its strength in generic medicines and knowledge of specialty drugs, Teva is developing its pipeline and portfolio to increase access to affordable medicines, including through the development of biosimilars—highly similar less-costly versions of the reference branded biologic drugs, which are made from living cells or organisms. As the U.S. biosimilars market continues to develop, savings are expected to grow and surpass $100 billion from 2020 to 2024.

With more than 10 biosimilars approved or in development, and building off of 800 new generic medicine marketing authorizations obtained in 2020, Teva will continue to generate savings for healthcare systems, patients and economies across the globe.

About the Teva Economic Impact Report

Teva’s Economic Impact Report, produced by Matrix Global Advisors, examines Teva’s contribution to economies in 2020 and quantifies Teva’s direct and indirect economic impact, through jobs, economic output, labor income (a measure of aggregate worker wages) and savings from generic medicines. The report focuses on 15 of the 60 countries in which Teva operates, which represent 75% of Teva’s revenues in 2020 and 60% of its global workforce.

To learn more about Teva’s economic impact, please see Teva’s Economic Impact Report.

About Matrix Global Advisors

Matrix Global Advisors (MGA) is an economic policy consulting firm in Washington, DC, specializing in fiscal, healthcare and tax policy matters. Drawing on years of policy experience, the MGA team uses analytics to help identify, quantify and solve economic policy problems. On behalf of clients, MGA conducts original data analysis, constructs economic models, conducts research, writes white papers and expert reports and offers strategic advice.

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com.

References

Teva Pharmaceuticals Inc., 2021. Teva Economic Impact Report. Available here: https://www.tevapharm.com/our-impact/economic-impact-report/

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to our ability to successfully compete in the marketplace, including our ability to develop and commercialize biopharmaceutical products; our business and operations in general, including our ability to successfully execute and maintain the activities and efforts related to the measures we have taken or may take in response to the COVID-19 pandemic and associated costs therewith; compliance, regulatory and litigation matters, including the effects of reforms in healthcare regulation and reductions in pharmaceutical pricing, reimbursement and coverage; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020, including in the sections captioned “Risk Factors” and “Forward Looking Statements” and in our subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

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IR

United States

Kevin C. Mannix

(215) 591-8912

Yael Ashman

972 (3) 914-8262

PR

United States

Kelley Dougherty

(973) 832-2810

Israel

Yonatan Beker

972 (54) 888 5898

KEYWORDS: North America United States Europe Middle East Israel

INDUSTRY KEYWORDS: Public Policy/Government Healthcare Reform Pharmaceutical Health

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Teva Economic Impact Infographic

Fisker to Take Investment Position and Create Strategic Partnership in Allego, a Leading Pan-European Electric Vehicle Charging Network

• Fisker to invest $10 million into PIPE supporting the planned merger of Allego with Spartan Acquisition Corp III
• Pro forma equity value of the merger is approximately $3.14 billion, at the $10.00 per share PIPE price, and assuming minimal Spartan shareholder redemptions
• Allego has more than 26,000 public EV charging ports across 12,000 public and private locations in 12 European countries – with leading utilization rates and a substantial recurring user base, as well as a secured backlog of 500 premium sites
• Fisker to partner with Allego on specific period free charging offer for its customers in Europe

LOS ANGELES–(BUSINESS WIRE)–Fisker Inc. (NYSE: FSR) (“Fisker”) – passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions – today announced it will make a $10 million private investment in public equity (PIPE) supporting the planned merger of leading European EV charging network, Allego B.V. (“Allego”) with Spartan Acquisition Corp. III (NYSE: SPAQ), a publicly-listed special purpose acquisition company. Fisker is the exclusive electric vehicle automaker in the PIPE and, in parallel, has agreed to terms on a strategic partnership to deliver a range of charging options for its customers in Europe.

“Allego has been a long-standing pioneer in the push to create a seamless pan-European electric vehicle charging network,” said Fisker Chairman and CEO, Henrik Fisker. “Our investment in the PIPE is motivated by strategic and tactical considerations, ensuring we have a stake in the future of EV charging networks while delivering tangible benefits to our customers.”

Through the Fisker-Allego partnership announced today, the two companies are collaborating on offering electric vehicle charging and related services across multiple European markets. Included in that partnership is the provision that fleet and private customers buying or leasing a Fisker Ocean SUV between Jan. 1, 2023 and March 31, 2024 will benefit from one year of free charging (from original date of registration) on the Allego network. Further, the two companies are working on future plans to deliver a seamless charging experience for Fisker customers using the Allego ‘Plug & Charge’ service that utilizes the Allego Fast and Ultra-Fast charger network.

“Having Fisker both invest in our PIPE, and at the same time form a commercial partnership is a significant vote of confidence in our growth plans,” said Mathieu Bonnet, CEO of Allego. “Both Fisker and Allego have a common connection through the ‘Spartan’ franchise of SPACs sponsored by funds managed by affiliates of Apollo Global Management, and I want to recognize the leadership of Geoffrey Strong and his team at Spartan who are constantly creating new investment opportunities across the clean mobility sector.”

Founded in 2013, Allego is a leading EV charging network in Europe and has deployed more than 26,000 charging ports across 12,000 public and private locations, spanning 12 European countries. Allego’s charging network includes fast, ultra-fast and AC charging solutions delivered through either owned or operated public charging networks, in addition to charging solutions for B2B customers. Allego has developed a rich portfolio of partnerships with strategic partners including municipalities, more than 50 real estate owners and more than 15 automakers.

Fisker intends to start production and deliveries on its first vehicle, the Ocean electric SUV, from Nov. 17, 2022 – and unveil a production-intent prototype at the LA Auto Show® later this year. The Fisker Ocean will enter the U.S. market at a starting MSRP of $37,499 (excluding EV-related subsidies) and below €32,000 in Germany (including taxes and EV-related subsidies). Including fleet orders from companies such as Credit Agricole Consumer Finance, Onto and Viggo, Fisker has more than 62,000 hand-raisers and 17,300 paid reservations for the Ocean.

“With this new funding, we are confident that Allego will be well equipped to introduce the most advanced charging technologies, continue to expand their network and be able to deliver a seamless charging experience for our customers,” added Mr. Fisker.

For more information or interview inquiries, contact [email protected].

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn.

Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

About Allego

Allego delivers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprised of more than 26,000 charge points operational throughout Europe – and growing rapidly. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives us and our customers a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient and more enjoyable for all.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding the planned start of production and MSRP of the Ocean, the Company’s future performance and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Form 10-K, as amended, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

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Simon Sproule, SVP, Communications

310.374.6177 | [email protected]

Rebecca Lindland, Director, Communications

[email protected]

Dan Galves, VP, Investor Relations

[email protected] / [email protected]

KEYWORDS: Europe United States North America California

INDUSTRY KEYWORDS: Hardware Automotive Manufacturing Alternative Energy Energy Manufacturing Alternative Vehicles/Fuels Technology Performance & Special Interest Environment General Automotive Automotive Software Other Energy Internet Utilities Mobile/Wireless

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Allego, a Leading Pan-European EV Charging company, to Become a Publicly Traded Company through a Business Combination with Apollo-Affiliated Spartan Acquisition Corp. III

• Allego has entered into a definitive agreement with Spartan Acquisition Corp. III (NYSE: SPAQ); upon closing, the combined company will trade on the NYSE under the symbol “ALLG”.
• The transaction will raise a total of $702¹ million (assuming no redemptions), including $150 million from a fully committed PIPE, which will be used, among other things, to fund the combined company’s expansion plans.
• The PIPE is anchored by institutional investors, including Hedosophia and funds and accounts managed by ECP as well as strategic partners, including Fisker and Landis+Gyr. Funds managed by affiliates of Apollo Global Management, Inc., as sponsor behind Spartan Acquisition Corp. III, and Meridiam, as long-term owner of Allego, also participated in the PIPE.
• Allego has over 26,000 public EV charging ports across 12,000 public and private locations in 12 European countries, with leading utilization rates and a substantial recurring user base, as well as a secured backlog of 500 premium sites providing near-term visibility on network development.
• The pro forma implied equity value of the combined company is $3.14 billion. The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions.

PARIS & ARNHEM, the Netherlands & NEW YORK–(BUSINESS WIRE)–
Allego Holding B.V. (“Allego” or “the “Company”), a leading pan-European electric vehicle charging network, today announced a business combination with Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), a publicly-listed special purpose acquisition company. The transaction will create a leading publicly traded pan-European electric vehicle (EV) charging company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210728005497/en/

Upon completion of the proposed transaction, the combined company will operate under the Allego name, and will be listed on the New York Stock Exchange under the ticker symbol “ALLG”. The transaction values Allego at a pro forma equity value of approximately $3.14 billion. Expected total gross proceeds of $702 million will fund the Company’s future growth through the deployment of additional public EV charging sites, as it focuses on delivering fast and ultra-fast chargers and continues to build its technology moat.

Overview of Allego

Founded in 2013, Allego is a leading electric vehicle, or EV, charging company in Europe and has deployed over 26,000 charging ports across 12,000 public and private locations, spanning 12 European countries. In 2018, the Company was acquired by Meridiam, a global long-term sustainable infrastructure developer and investor, which provided necessary capital to enable the expansion of Allego’s existing global network, services and technologies. The Company’s charging network includes fast, ultra-fast, and AC charging equipment. The Company takes a two-pronged approach to delivering charging solutions, providing an owned and operated public charging network with 100% renewable energy in addition to charging solutions for business to business customers, including leading retail and auto brands. The Company’s charging solutions business provides design, installation, operations and maintenance of chargers owned by third parties. Allego’s chargers are open to all EV brands, with the ability to charge light vehicles, vans and e-trucks, which promotes increasing utilization rates across its locations. Allego has developed a rich portfolio of partnerships with strategic partners, including municipalities, more than 50 real estate owners and 15 OEMs. As additional fleets shift to EVs, Allego expects to leverage its expansive network of fast and ultra-fast chargers to service these customers, which see above average use-rates.

Allego’s proprietary suite of software, developed to help identify and assess locations and provide uptime optimization with payment solutions, underpins the Company’s competitive advantage. Allamo™ allows the Company to select premium charging sites to add to its network by analyzing traffic statistics and proprietary databases to forecast EV charging demand using over 100 factors, including local EV density, driving behavior and EV technology development. This allows a predictable, cutting-edge tool to optimize those locations that are best positioned for higher utilization rates.

Allego EV Cloud™ is a sophisticated customer payment tool that provides essential services to owned and third-party customers, including authorization and billing, smart charging and load balancing, analysis and customer support. This service offering is integral to fleet operators’ operations and enables the Company to provide insight and value to the customer, in addition to driving increased margins through third-party service contracts and operational and maintenance margins.

Allego continues to benefit from a European EV market that is nearly twice the size of the United States’ EV market, with an expected 46% CAGR from 2020 to 2025. Based on this projection, the number of EVs in Europe is expected to grow to nearly 20 million by 2025, as compared to 3 million today. The combination of a high urbanization rate and a scarcity of in-home parking means European EV drivers require fast, public EV charging locations that provide reliable and convenient charging. As part of the Company’s expansion plans, Allego will focus on fast and ultra-fast charging locations, which maximize utilization rates, carry higher gross margins and are required for fleet operators and EV drivers.

Additionally, stringent European CO2 regulations for internal combustion engines (ICE) and highly favorable incentives for electric vehicle purchases are expected to continue to drive adoption rates of EV over ICE vehicles. With a first mover advantage, a robust pipeline of over 500 committed premium sites to be equipped with fast and ultra-fast chargers, and an additional pipeline of another 500 sites, the Company is well positioned to execute its growth objectives and drive value creation for shareholders.

Through a diverse set of partnerships with leading OEMs, fleets, corporations, municipalities, and hosts, the Company has delivered significant revenue growth in recent years, including a 100% revenue CAGR from 2017-2020, and achieved positive operational EBITDA² at the end of 2020.

Management Commentary

Mathieu Bonnet, Chief Executive Officer of Allego, commented, “We are excited to announce our strategic partnership with Spartan, which will provide capital to accelerate our leadership position within the European charging market, all while maintaining a strong financial position throughout the growth phase. Europe has one of the largest populations of EVs in the world, which is continuing to grow at a greater pace than many other major growth markets, including the United States. Supported by these tailwinds and bolstered by the capital we are raising, we are well positioned to expand our footprint as EVs increasingly replace traditional internal combustion engines.”

Olivia Wassenaar, Director of Spartan and Senior Partner and Co-Lead of Natural Resources at Apollo Global Management, Inc. (“Apollo”) added, “At Spartan and Apollo, we are committed to advancing ESG-focused business models. We are excited to work with Allego as they execute against their compelling pipeline of growth opportunities and help eliminate emissions from the environment.”

Geoffrey Strong, Chairman and Chief Executive Officer of Spartan and Senior Partner and Co-Lead of Infrastructure and Natural Resources at Apollo added, “We are excited to work together with Mathieu, Meridiam and the entire Allego team. We believe Europe is an extremely attractive market for EV charging and Allego is well-positioned to capitalize on its innovative technology, a strong leadership position in Europe, and supportive macro trends buoying the EV charging market.”

Transaction Summary

The business combination values Allego at an implied $3.14 billion pro forma equity value. The combined company is expected to receive approximately $702 million of gross proceeds from a combination of a fully committed common stock PIPE offering of $150 million at $10.00 per share, along with approximately $552 million of cash held in trust, assuming no redemptions. The proceeds from the business combination will be used to fund EV station capex and for general corporate purposes.

Fisker, designer of advanced sustainable electric vehicles and mobility solutions, will make a $10 million private investment in the PIPE. Fisker is the exclusive electric vehicle automaker in the PIPE and, in parallel, has agreed to terms on a strategic partnership to deliver a range of charging options for its customers in Europe.

The PIPE is anchored by additional strategic partners, including Landis+Gyr, as well as institutional investors, including funds and accounts managed by Hedosophia and ECP. Investment funds managed by affiliates of Apollo Global Management, Inc., which own the sponsor behind Spartan, and by Meridiam, as long-term owner of Allego, also participated in the PIPE.

The boards of directors of both Allego and Spartan have unanimously approved the proposed business combination, which is expected to be completed in the fourth quarter of 2021 subject to, among other things, the approval by Spartan stockholders and the satisfaction or waiver of other customary closing conditions.

Meridiam, the existing shareholder of Allego, will roll 100% of its equity and, together with management and former advisors, will retain 75% of the combined entity. Meridiam will continue to be a long-term strategic partner to the combined company. Additionally, the European Investment Bank will maintain its role as capital provider to Allego.

Additional information about the proposed transaction, including a copy of the business combination agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Spartan today with the Securities and Exchange Commission and will be available at www.sec.gov.

Advisors

Credit Suisse is serving as sole financial advisor and capital markets advisor to Allego. Weil, Gotshal & Manges LLP and NautaDutilh are serving as legal advisors to Allego. Barclays is serving as sole financial advisor and capital markets advisor to Spartan. Credit Suisse and Barclays are serving as co-lead placement agent on the PIPE offering. Citi and Apollo Global Securities are serving as co-placement agents. Vinson & Elkins L.L.P. is serving as legal advisor to Spartan. Latham & Watkins LLP is serving as legal advisor to the placement agents.

Webcast and Conference Call Information

Allego and Spartan will host a joint investor conference call to discuss the business and the proposed transaction today, July 28, 2021 at 8:30 AM ET.

To listen to the conference call via telephone dial (877) 407-9716 (U.S.) or (201) 493-6779 (international callers/U.S. toll) and enter the conference ID number 13722064. To listen to the webcast, please click here. A telephone replay will be available until Wednesday, August 11, 2021 at (844) 512-2921 and Conference ID number 13722064.

About Allego

Allego delivers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprised of more than 26,000 charge points operational throughout Europe – and growing rapidly. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives us and our customers a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient and more enjoyable for all.

About Spartan Acquisition Corp. III

Spartan Acquisition Corp. III is a special purpose acquisition entity focused on the energy value-chain and was formed for the purpose of entering into a merger, amalgamation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Spartan is sponsored by Spartan Acquisition Sponsor III LLC, which is owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO). For more information, please visit www.spartanspaciii.com.

Forward-Looking Statements.

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Spartan Acquisition Corp. III’s (“Spartan”) and Allego Holding B.V.’s, a Dutch private limited liability company (“Allego”), actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Spartan’s and Allego’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction or waiver of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Spartan’s and Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Business Combination Agreement and Plan of Reorganization (the “BCA”); (ii) the outcome of any legal proceedings that may be instituted against Athena Pubco B.V., a Dutch limited liability company (the “Company”) and/or Allego following the announcement of the BCA and the transactions contemplated therein; (iii) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Spartan, certain regulatory approvals, or the satisfaction of other conditions to closing in the BCA; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the BCA or could otherwise cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Allego’s business and/or the ability of the parties to complete the proposed business combination; (vi) the inability to obtain or maintain the listing of the Company’s common shares on the New York Stock Exchange following the proposed business combination; (vii) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (viii) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of Allego to grow and manage growth profitably, and to retain its key employees; (ix) costs related to the proposed business combination; (x) changes in applicable laws or regulations; and (xi) the possibility that Allego, Spartan or the Company may be adversely affected by other economic, business, and/or competitive factors. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Spartan’s most recent filings with the SEC and will be contained in the registration statement on Form F-4 (the “Form F-4”), including the proxy statement/prospectus forming a part thereof expected to be filed in connection with the proposed business combination. All subsequent written and oral forward-looking statements concerning Spartan, Allego or the Company, the transactions described herein or other matters and attributable to Spartan, Allego, the Company or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of Spartan, Allego and the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.

No Offer or Solicitation.

This communication is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Spartan, the Company or Allego, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.

Important Information About the Proposed Business Combination and Where to Find It.

In connection with the proposed business combination, a registration statement on Form F-4 is expected to be filed by the Company with the SEC. The Form F-4 will include preliminary and definitive proxy statements to be distributed to holders of Spartan’s common stock in connection with Spartan’s solicitation for proxies for the vote by Spartan’s stockholders in connection with the proposed business combination and other matters as described in the Form F-4, as well as a prospectus of the Company relating to the offer of the securities to be issued in connection with the completion of the business combination. Spartan, Allego and the Company urge investors, stockholders and other interested persons to read, when available, the Form F-4, including the proxy statement/prospectus incorporated by reference therein, as well as other documents filed with the SEC in connection with the proposed business combination, as these materials will contain important information about Allego, Spartan, and the proposed business combination. Such persons can also read Spartan’s final prospectus dated February 8, 2021 (SEC File No. 333-252866), for a description of the security holdings of Spartan’s officers and directors and their respective interests as security holders in the consummation of the proposed business combination. After the Form F-4 has been filed and declared effective, the definitive proxy statement/prospectus will be mailed to Spartan’s stockholders as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of such documents, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Spartan Acquisition Corp. III, 9 West 57th Street, 43rd Floor, New York, NY 10019, or (212) 515-3200. These documents, once available, can also be obtained, without charge, at the SEC’s web site (http://www.sec.gov).

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation.

Spartan, Allego, the Company and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Spartan’s stockholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Spartan’s directors and executive officers in Spartan’s final prospectus dated February 8, 2021 (SEC File No. 333-252866), which was filed with the SEC on February 10, 2021. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Spartan’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Information concerning the interests of Spartan’s, the Company’s and Allego’s participants in the solicitation, which may, in some cases, be different than those of Spartan’s, the Company’s and Allego’s equity holders generally, will be set forth in the proxy statement/prospectus relating to the proposed business combination when it becomes available.

¹ Gross proceeds; not inclusive of estimated transaction expenses

² Operational EBITDA means EBITDA further adjusted for reorganization costs, certain business optimization costs, lease buyouts, anticipated board compensation costs and director and officer insurance costs and anticipated transaction costs.

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Allego Ultra-Fast Charging Location (Photo: Business Wire)

Hess Midstream LP Increases Distribution Per Share Level by 10%, Reiterates Annual Targeted Distribution Growth Per Class A Share From New Level and Announces Accretive $750 Million Sponsor Unit Repurchase

• Increased quarterly distribution to $0.5042 per Class A share for the quarter ended June 30, 2021, an approximate 11% increase compared to the quarterly distribution per Class A share for the first quarter of 2021, reflecting a 10% increase in the per share distribution level in addition to the 5% annual distribution per share growth target
• Reiterated annual distribution per share growth target of at least 5% through 2023 from this new higher per share distribution level
• Announced agreement by Hess Midstream Operations LP to repurchase $750 million of Class B units from affiliates of Hess Corporation and Global Infrastructure Partners in a transaction that increases Class A Shareholder percentage ownership and delivers immediate distributable cash flow per share accretion
• Continued financial flexibility for potential future accretive opportunities, including additional return of capital to shareholders

HOUSTON–(BUSINESS WIRE)–
Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced that the Board of Directors of its general partner (the “Board”) approved an approximate 11% increase in its quarterly distribution per Class A share for the second quarter of 2021 as compared to the first quarter of 2021. This increase consists of a 10% immediate increase in Hess Midstream’s distribution level per Class A share in addition to its targeted 5% annualized increase in distributions per Class A share. The Board also approved a $750 million unit repurchase by Hess Midstream’s subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors, at a price of $24.00 per unit.

“With this announcement, we are demonstrating our financial flexibility to deliver immediate, accretive and meaningful return of capital to our shareholders,” said Jonathan Stein, Chief Financial Officer of Hess Midstream. “The unit repurchase optimizes our capital structure to our conservative 3.0x Debt/Adjusted EBITDA target by providing accretion to shareholders, while the distribution increase returns free cash flow to our shareholders on an ongoing basis while maintaining 1.4x coverage. Following the distribution increase and the unit repurchase, we expect to continue to have financial flexibility, including expected ongoing free cash flow after distributions and leverage declining below our 3.0x Debt/Adjusted EBITDA target as early as 2022, allowing for potential future accretive opportunities, including incremental return of capital to shareholders.”

The distribution increase represents an increase in distributions per Class A share by 10% relative to previously targeted distributions. The $750 million unit repurchase is consistent with Hess Midstream’s targeted 3.0x Debt / Adjusted EBITDA level on a full-year 2021 basis and is expected to be approximately 8% accretive on a distributable cash flow per Class A share basis. The unit repurchase is expected to result in distribution savings to Hess Midstream of approximately $30 million in the second half of 2021 on a consolidated basis.

Distribution Increase Summary

The Board declared a quarterly cash distribution of $0.5042 per Class A share for the quarter ended June 30, 2021. The distribution represents an approximate 11% increase compared to the distribution for the first quarter of 2021, consisting of a 10% announced increase in addition to a quarterly increase consistent with Hess Midstream’s targeted 5% growth in annual distributions per Class A share.

Hess Midstream continues to target annual distribution per Class A share growth of at least 5% through 2023 from this new higher level and expected annual distribution coverage of greater than 1.4x.

The quarterly distribution will be payable on August 13, 2021 to Class A shareholders of record as of the close of business on August 9, 2021.

Unit Repurchase Summary

Hess Midstream Operations LP, Hess Midstream’s consolidated subsidiary, agreed to repurchase approximately 31 million Class B units of Hess Midstream Operations LP, equal to approximately 11% of the consolidated company, held by affiliates of Hess Corporation and Global Infrastructure Partners for an aggregate purchase price of $750 million. The purchase price per Class B unit is $24.00, representing an approximate 4% discount to the 30-day volume weighted average trading price of Hess Midstream Class A shares through July 27, 2021. As a result of the unit repurchase transaction, public ownership of Hess Midstream on a consolidated basis will increase to approximately 9.5%. The terms of the proposed unit repurchase transaction was unanimously approved by the Board, based on the approval and recommendation of its conflicts committee composed solely of independent directors. The unit repurchase is anticipated to close in August 2021, following the record date for the quarterly distribution for the quarter ended June 30, 2021, such that Sponsors will receive the quarterly distribution on their currently outstanding Class B units. Hess Midstream expects to fund the unit repurchase through debt financing.

About Hess Midstream

Hess Midstream LP is a fee-based, growth-oriented midstream company that operates, develops and acquires a diverse set of midstream assets to provide services to Hess Corporation and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results, including our ability to increase our distributions or achieve our targeted distribution growth rate or reduce leverage below our debt/Adjusted EBITDA target; our business strategy and profitability; the expected timing and completion of the Class B unit repurchase from Hess and GIP; and our ability to execute future accretive opportunities, including incremental return of capital to shareholders.

Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: the direct and indirect effects of the COVID-19 global pandemic and other public health developments on our business and those of our business partners, suppliers and customers, including Hess; the ability of Hess and other parties to satisfy their obligations to us, including Hess’ ability to meet its drilling and development plans on a timely basis or at all and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids (“NGLs”) and produced water we gather, process, terminal or store; fluctuations in the prices and demand for crude oil, natural gas and NGLs, including as a result of the COVID-19 global pandemic; changes in global economic conditions and the effects of a global economic downturn on our business and the business of our suppliers, customers, business partners and lenders; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; our ability to satisfy the closing conditions of the Class B unit repurchase, including obtaining necessary debt financing; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; reduced demand for our midstream services, including the impact of weather or the availability of the competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to catastrophic events, such as accidents, severe weather events, labor disputes, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission.

As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

Non-GAAP Measures

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), management utilizes certain additional non GAAP measures to facilitate comparisons of past performance and future periods. “Adjusted EBITDA” presented in this release is defined as reported net income (loss) before net interest expense, income tax expense, depreciation and amortization and our proportional share of depreciation of our equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non-cash, non-recurring items, if applicable. “Distributable cash flow” or “DCF” is defined as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes and maintenance capital expenditures. DCF does not reflect changes in working capital balances. We believe that investors’ understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation.

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Silgan Announces Second Quarter Earnings; Confirms Full Year Earnings Guidance and Raises Estimate of Expected Cash Generation

Highlights

• Record net income of $0.85 per diluted share
• Achieved record Segment Income for Dispensing and Specialty Closures and Custom Containers
• Volume increase of 10 percent over prior year record volume in the Dispensing and Specialty Closures segment
• Maintains estimated full year 2021 adjusted earnings per diluted share growth of 10.3 percent at midpoint of range over record 2020 levels
• Free cash flow guidance increased to $400 million, exceeding initial expectations following the acquisition of Albéa’s dispensing operations

STAMFORD, Conn.–(BUSINESS WIRE)–
Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of sustainable rigid packaging solutions for consumer goods products, today reported record second quarter 2021 net income of $94.5 million, or $0.85 per diluted share, as compared to second quarter 2020 net income of $78.2 million, or $0.70 per diluted share.

Adjusted net income per diluted share for the second quarter of 2021 was $0.85. Adjusted net income per diluted share for the second quarter of 2020 was also $0.85, after adjustments increasing net income per diluted share by $0.15. A reconciliation of net income per diluted share to “adjusted net income per diluted share,” a Non-GAAP financial measure used by the Company that adjusts net income per diluted share for certain items, can be found in Tables A and B at the back of this press release.

“We are very pleased to have maintained exceptionally strong performance levels in the second quarter of 2021, delivering earnings of $0.85 per diluted share which matches the unprecedented pandemic driven second quarter 2020 results,” said Tony Allott, Chairman and CEO. “Our Dispensing and Specialty Closures segment continued to benefit from strengthening beauty and fragrance markets and the inclusion of the Albéa operations. This continued volume growth along with great operating performance more than offset the significant unfavorable impact of unprecedented spikes in raw material costs and the contractual lags in passing these on to customers. Our Metal Container segment continued to experience sustained strong demand levels but was challenged by lower inventory levels to meet this demand, largely as a result of unacceptable steel supply performance, and by tight labor markets across the supply chain. Our Custom Container segment once again delivered improved profitability primarily on the strength of its product mix and operating performance, despite the anticipated decline in volumes and the impact of significant raw material inflation,” continued Mr. Allott. “While the raw material and labor supply challenges are real across all of our operating segments and will continue to have a negative impact on the rest of the year, given other areas of strong performance we are holding our estimate of full year 2021 adjusted earnings per diluted share in a range of $3.30 to $3.45, which represents a 10.3 percent increase at the midpoint over record 2020 levels. We are also increasing our free cash flow estimate to approximately $400 million from $380 million primarily due to anticipated lower ending inventory levels. For the third quarter of 2021, we anticipate adjusted earnings per diluted share in a range of $0.95 to $1.10, as compared to a record $1.04 in the third quarter of 2020. Our current third quarter estimate anticipates continued strong product demand in key markets and a robust harvest, which will be partially offset by ongoing raw material and labor supply challenges,” concluded Mr. Allott.

Net sales for the second quarter of 2021 were $1.35 billion, an increase of $172.2 million, or 14.6 percent, as compared to the same period in the prior year. This increase was the result of higher net sales in all segments.

Income before interest and income taxes for the second quarter of 2021 was a record $153.0 million, an increase of $21.8 million, or 16.6 percent, as compared to $131.2 million for the second quarter of 2020, and margins increased to 11.3 percent from 11.2 percent for the same periods. The increase in income before interest and income taxes was the result of higher income in the Dispensing and Specialty Closures and Custom Container segments, lower corporate expenses primarily related to prior year costs of $16.1 million for announced acquisitions and lower rationalization charges, partially offset by lower income in the Metal Container segment. Rationalization charges were $0.4 million and $2.0 million in the second quarters of 2021 and 2020, respectively. The second quarter of 2020 also included the negative impact of a $3.5 million charge related to the purchase accounting write-up of inventory for the dispensing operations acquired from the Albéa Group in June 2020.

Interest and other debt expense for the second quarter of 2021 was $26.4 million, an increase of $0.6 million as compared to the second quarter of 2020. This increase was primarily due to higher weighted average outstanding borrowings during the quarter as a result of the acquisition of the dispensing operations of Albéa, partially offset by lower weighted average interest rates during the current quarter due to lower variable market rates.

The effective tax rates were 25.3 percent and 25.8 percent for the second quarters of 2021 and 2020, respectively.

Dispensing and Specialty Closures

Net sales of the Dispensing and Specialty Closures segment were $545.8 million in the second quarter of 2021, an increase of $135.3 million, or 33.0 percent, as compared to $410.5 million in the second quarter of 2020. This increase was primarily the result of higher unit volumes of approximately 10 percent, the pass through of higher raw material costs and favorable foreign currency translation. The increase in unit volumes was principally the result of volumes from the dispensing operations of Albéa acquired in June 2020 and a strong recovery in the beverage, beauty and fragrance markets, partially offset by a decrease in volumes for hygiene and home cleaning products as compared to the initial pantry filling in response to the emerging pandemic in the second quarter of 2020.

Segment income of the Dispensing and Specialty Closures segment for the second quarter of 2021 increased $15.2 million to a record $73.8 million, nearly half of the total for the Company, as compared to $58.6 million in the second quarter of 2020, while segment income margin decreased to 13.5 percent from 14.3 percent for the same periods. The increase in segment income was primarily due to higher unit volumes, strong operating performance and the inclusion in the prior year of a $3.5 million charge for the purchase accounting write-up of inventory of the operations acquired from Albéa, partially offset by the unfavorable impact in the current year period from the delayed pass through of significantly higher resin costs and foreign currency transaction losses.

Metal Containers

Net sales of the Metal Container segment were $624.5 million for the second quarter of 2021, an increase of $27.3 million, or 4.6 percent, as compared to $597.2 million in the second quarter of 2020. This increase was primarily the result of the pass through of higher raw material and other manufacturing costs, favorable foreign currency translation and a more favorable mix of products sold, partially offset by lower unit volumes of approximately 2 percent. Were it not for production shortfalls caused by raw material and labor supply challenges across the supply chain, volumes for the Metal Container segment would have exceeded prior year record levels.

Segment income of the Metal Container segment in the second quarter of 2021 was $58.6 million, a decrease of $13.2 million as compared to $71.8 million in the second quarter of 2020, and segment income margin decreased to 9.4 percent from 12.0 percent over the same periods. The decrease in segment income was primarily attributable to higher production costs, less efficient manufacturing processes and lower production and volume levels, all due in large part to significant raw material and labor supply challenges, partially offset by higher pension income and lower rationalization charges. Rationalization charges were $0.2 million and $1.2 million in the second quarters of 2021 and 2020, respectively.

Custom Containers

Net sales of the Custom Container segment were $178.4 million in the second quarter of 2021, an increase of $9.6 million, or 5.7 percent, as compared to $168.8 million in the second quarter of 2020. This increase was principally due to the pass through of higher raw material costs, a more favorable mix of products sold and favorable foreign currency translation, partially offset by lower volumes of approximately 11 percent. The decline in volumes in 2021 was due primarily to unprecedented demand in the prior year quarter for cleaning and sanitizing products as a result of the initial pantry filling in response to the emerging pandemic.

Segment income of the Custom Container segment in the second quarter of 2021 was $27.2 million, an increase of $4.2 million as compared to $23.0 million in the second quarter of 2020, and segment income margin increased to 15.2 percent from 13.6 percent over the same periods. The increase in segment income was primarily attributable to a more favorable mix of products sold, strong operating performance and the inclusion in the prior year quarter of a $2.8 million charge for a non-commercial legal dispute relating to prior periods, partially offset by lower volumes and the unfavorable impact in the current year period from the delayed pass through of higher resin costs.

Six Months

Net income for the first six months of 2021 was $167.8 million, or $1.51 per diluted share, as compared to net income of $135.8 million, or $1.22 per diluted share, for the first six months of 2020. Adjusted net income per diluted share for the first six months of 2021 was a record $1.60, an increase of 12.7 percent as compared to $1.42 in the prior year period, after adjustments increasing net income per diluted share by $0.09 for the first six months of 2021 and by $0.20 for the first six months of 2020.

Net sales for the first six months of 2021 increased $380.0 million, or 17.2 percent, to $2.59 billion as compared to $2.21 billion for the first six months of 2020. This increase was primarily a result of higher unit volumes in each of the Dispensing and Specialty Closures and Metal Container segments, the pass through of higher raw material costs, the impact of favorable foreign currency translation and a more favorable mix of products sold in the Dispensing and Specialty Closures and Custom Container segments, partially offset by lower volumes in the Custom Container segment and a higher percentage of smaller cans sold in the Metal Container segment.

Income before interest and income taxes for the first six months of 2021 was $279.5 million, an increase of $46.1 million as compared to the same period in 2020, and margins increased to 10.8 percent from 10.6 percent for the same periods. The increase in income before interest and income taxes was primarily due to higher unit volumes in the Dispensing and Specialty Closures and Metal Container segments, a more favorable mix of products sold and strong operating performance in each of the Dispensing and Specialty Closures and Custom Container segments, lower corporate expenses, higher pension income, the negative impact in the prior year period of a $3.5 million charge from the purchase accounting write-up of inventory of the dispensing operations acquired from Albéa and the inclusion in the prior year period of a $2.8 million charge for a non-commercial legal dispute relating to prior periods in the Custom Container segment. These increases were partially offset by the unfavorable impact in the current year period from the delayed pass through of significantly higher resin costs, higher operating costs and lower production levels in the Metal Container segment, lower volumes in the Custom Container segment, higher rationalization charges, a higher percentage of smaller cans sold in the Metal Container segment and foreign currency transaction losses. Corporate expenses were lower for the first six months of 2021 primarily as a result of acquisition related costs and the one-time plant employee incentive payments incurred in the first six months of 2020. Acquisition related costs were $18.3 million in the first six months of 2020. Rationalization charges were $10.7 million and $4.7 million in the first six months of 2021 and 2020, respectively.

Interest and other debt expense before loss on early extinguishment of debt for the first six months of 2021 was $52.8 million, an increase of $3.5 million as compared to the same period in 2020. This increase was primarily due to higher weighted average outstanding borrowings as a result of the acquisition of the dispensing operations of Albéa in June 2020, partially offset by lower weighted average interest rates during the current period due to lower variable market rates. Loss on early extinguishment of debt was $0.9 million and $1.5 million for the first six months of 2021 and 2020, respectively.

The effective tax rate for the first six months of 2021 was 25.7 percent as compared to 25.6 percent for the first six months of 2020.

Outlook for 2021

The Company maintained its estimate of adjusted net income per diluted share for the full year of 2021 in the range of $3.30 to $3.45, a 10.3 percent increase at the midpoint of such range over record adjusted net income per diluted share of $3.06 in 2020.

The Company is also providing an estimate of adjusted net income per diluted share for the third quarter of 2021 in the range of $0.95 to $1.10, as compared to a record $1.04 in the third quarter of 2020. Given the uncertainties of the timing of the fruit and vegetable harvest in the U.S. and Europe, the results of the back half of the year could shift between the third and fourth quarters.

The third quarter and full year estimates of adjusted net income per diluted share for 2021 exclude the impact from rationalization charges and loss on early extinguishment of debt and are predicated on the ability to obtain adequate raw material supply and to benefit from the lagged pass through of higher resin costs as these costs are expected to begin to abate.

Conference Call

Silgan Holdings Inc. will hold a conference call to discuss the Company’s results for the second quarter of 2021 at 11:00 a.m. eastern time on July 28, 2021. The toll free number for those in the U.S. and Canada is (888) 204-4368, and the number for international callers is (313) 209-4906. For those unable to listen to the live call, a taped rebroadcast will be available through August 11, 2021. To access the rebroadcast, U.S. and Canadian callers should dial (888) 203-1112, and international callers should dial (719) 457-0820. The pass code for the rebroadcast is 8213556.

Silgan is a leading supplier of sustainable rigid packaging solutions for consumer goods products with annual net sales of approximately $4.9 billion in 2020. Silgan operates 109 manufacturing facilities in North and South America, Europe and Asia. The Company is a leading worldwide supplier of dispensing and specialty closures for food, beverage, health care, garden, home, personal care and beauty products. The Company is also a leading supplier of metal containers in North America and Europe for food and general line products. In addition, the Company is a leading supplier of custom containers for shelf-stable food and personal care products in North America.

Statements included in this press release which are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934, as amended. Such forward looking statements are made based upon management’s expectations and beliefs concerning future events impacting the Company and therefore involve a number of uncertainties and risks, including, but not limited to, those described in the Company’s Annual Report on Form 10-K for 2020 and other filings with the Securities and Exchange Commission. Therefore, the actual results of operations or financial condition of the Company could differ materially from those expressed or implied in such forward looking statements.

SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the quarter ended June 30,
(Dollars in millions, except per share amounts)
	Second Quarter						Six Months
	2021			2020			2021			2020
Net sales	$	1,348.7		$	1,176.5		$	2,586.8		$	2,206.8
Cost of goods sold	1,113.8			952.4			2,130.4			1,797.6
Gross profit	234.9			224.1			456.4			409.2
Selling, general and administrative expenses	94.3			100.6			191.8			190.5
Rationalization charges	0.4			2.0			10.7			4.7
Other pension and postretirement income	(12.8)			(9.7)			(25.6)			(19.4)
Income before interest and income taxes	153.0			131.2			279.5			233.4
Interest and other debt expense before loss on early extinguishment of debt	26.4			25.8			52.8			49.3
Loss on early extinguishment of debt	—			—			0.9			1.5
Interest and other debt expense	26.4			25.8			53.7			50.8
Income before income taxes	126.6			105.4			225.8			182.6
Provision for income taxes	32.1			27.2			58.0			46.8
Net income	$	94.5		$	78.2		$	167.8		$	135.8
Earnings per share:
Basic net income per share	$0.86			$0.70			$1.52			$1.22
Diluted net income per share	$0.85			$0.70			$1.51			$1.22
Cash dividends per common share	$0.14			$0.12			$0.28			$0.24
Weighted average shares (000’s):
Basic	110,442			110,901			110,323			110,879
Diluted	111,103			111,334			111,066			111,380

SILGAN HOLDINGS INC.
CONSOLIDATED SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
For the quarter and six months ended June 30,
(Dollars in millions)
		Second Quarter								Six Months
		2021				2020				2021				2020
Net sales:
Dispensing and Specialty Closures		$	545.8			$	410.5			$	1,055.1			$	767.6
Metal Containers		624.5				597.2				1,178.6				1,105.7
Custom Containers		178.4				168.8				353.1				333.5
Consolidated		$	1,348.7			$	1,176.5			$	2,586.8			$	2,206.8
Segment income:
Dispensing and Specialty Closures (a)		$	73.8			$	58.6			$	139.5			$	103.8
Metal Containers (b)		58.6				71.8				104.2				119.3
Custom Containers (c)		27.2				23.0				51.7				45.0
Corporate (d)		(6.6)				(22.2)				(15.9)				(34.7)
Consolidated		$	153.0			$	131.2			$	279.5			$	233.4

SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in millions)
		June 30,				June 30,				Dec. 31,
		2021				2020				2020
Assets:
Cash and cash equivalents		$	164.8			$	191.1			$	409.5
Trade accounts receivable, net		891.8				729.3				619.5
Inventories		907.8				821.4				677.5
Other current assets		88.8				85.9				92.6
Property, plant and equipment, net		1,832.9				1,729.5				1,840.8
Other assets, net		2,838.2				2,815.9				2,871.7
Total assets		$	6,724.3			$	6,373.1			$	6,511.6
Liabilities and stockholders’ equity:
Current liabilities, excluding debt		$	1,074.2			$	971.7			$	1,163.5
Current and long-term debt		3,417.3				3,497.8				3,251.3
Other liabilities		844.2				813.9				843.9
Stockholders’ equity		1,388.6				1,089.7				1,252.9
Total liabilities and stockholders’ equity		$	6,724.3			$	6,373.1			$	6,511.6

(a)		Includes rationalization charges of $0.1 million and $0.7 million for the three months ended June 30, 2021 and 2020, respectively, and $5.3 million and $1.4 million for the six months ended June 30, 2021 and 2020, respectively. Includes a charge for the write-up of inventory for purchase accounting of $3.5 million as a result of the acquisition of the dispensing operations from Albéa for each of the three and six months ended June 30, 2020.
(b)		Includes rationalization charges of $0.2 million and $1.2 million for the three months ended June 30, 2021 and 2020, respectively, and $5.2 million and $3.1 million for the six months ended June 30, 2021 and 2020, respectively.
(c)		Includes rationalization charges of $0.1 million for each of the three months ended June 30, 2021 and 2020 and $0.2 million for each of the six months ended June 30, 2021 and 2020.
(d)		Includes costs attributed to announced acquisitions of $16.1 million and $18.3 million for the three and six months ended June 30, 2020, respectively.

SILGAN HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
For the six months ended June 30,
(Dollars in millions)
		2021				2020
Cash flows provided by (used in) operating activities:
Net income		$	167.8			$	135.8
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization		122.4				104.2
Rationalization charges		10.7				4.7
Loss on early extinguishment of debt		0.9				1.5
Other changes that provided (used) cash, net of effects from acquisitions:
Trade accounts receivable, net		(277.8)				(179.9)
Inventories		(233.8)				(148.1)
Trade accounts payable and other changes, net		0.4				18.1
Net cash used in operating activities		(209.4)				(63.7)
Cash flows provided by (used in) investing activities:
Purchase of businesses, net of cash acquired		2.3				(941.1)
Capital expenditures		(123.6)				(106.4)
Other investing activities		4.9				0.9
Net cash used in investing activities		(116.4)				(1,046.6)
Cash flows provided by (used in) financing activities:
Dividends paid on common stock		(31.6)				(27.1)
Changes in outstanding checks – principally vendors		(84.2)				(79.0)
Shares repurchased under authorized repurchase program		—				(6.9)
Net borrowings and other financing activities		198.6				1,213.3
Net cash provided by financing activities		82.8				1,100.3
Effect of exchange rate changes on cash and cash equivalents		(1.7)				(2.7)
Cash and cash equivalents:
Net decrease		(244.7)				(12.7)
Balance at beginning of year		409.5				203.8
Balance at end of year		$	164.8			$	191.1

SILGAN HOLDINGS INC.
RECONCILIATION OF ADJUSTED NET INCOME PER DILUTED SHARE(1)
(UNAUDITED)
For the quarter and six months ended June 30,
Table A
			Second Quarter				Six Months
			2021		2020		2021		2020
Net income per diluted share as reported			$0.85		$0.70		$1.51		$1.22
Adjustments:
Rationalization charges			—		0.01		0.08		0.03
Costs attributed to announced acquisitions			—		0.12		—		0.14
Purchase accounting write-up of inventory			—		0.02		—		0.02
Loss on early extinguishment of debt			—		—		0.01		0.01
Adjusted net income per diluted share			$0.85		$0.85		$1.60		$1.42

SILGAN HOLDINGS INC.
RECONCILIATION OF ADJUSTED NET INCOME PER DILUTED SHARE(1)
(UNAUDITED)
For the quarter and year ended,
Table B
		Third Quarter,						Year Ended
		September 30,						December 31,
		Estimated				Actual		Estimated				Actual
		Low		High				Low		High
		2021		2021		2020		2021		2021		2020
Net income per diluted share as estimated
for 2021 and as reported for 2020		$0.94		$1.09		$1.01		$3.19		$3.34		$2.77
Adjustments:
Rationalization charges		0.01		0.01		0.02		0.10		0.10		0.11
Costs attributed to announced acquisitions		—		—		0.01		—		—		0.15
Purchase accounting write-up of inventory		—		—		—		—		—		0.02
Loss on early extinguishment of debt		—		—		—		0.01		0.01		0.01
Adjusted net income per diluted share
as estimated for 2021 and presented for 2020		$0.95		$1.10		$1.04		$3.30		$3.45		$3.06

(1) The Company has presented adjusted net income per diluted share for the periods covered by this press release, which measure is a Non-GAAP financial measure. The Company’s management believes it is useful to exclude rationalization charges, costs attributed to announced acquisitions, the impact from the charge for the write-up of acquired inventory required under purchase accounting and the loss on early extinguishment of debt from its net income per diluted share as calculated under U.S. generally accepted accounting principles because such Non-GAAP financial measure allows for a more appropriate evaluation of its operating results. While rationalization costs are incurred on a regular basis, management views these costs more as an investment to generate savings rather than period costs. Costs attributed to announced acquisitions consist of third party fees and expenses that are viewed by management as part of the acquisition and not indicative of the on-going cost structure of the Company. The write-up of acquired inventory required under purchase accounting is also viewed by management as part of the acquisition and is a non-cash charge that is not considered to be indicative of the on-going performance of the acquired operations. The loss on early extinguishment of debt consists of third party fees and expenses incurred or debt costs written off that are viewed by management as part of the cost of prepayment of debt and not indicative of the on-going cost structure of the Company. Such Non-GAAP financial measure is not in accordance with U.S. generally accepted accounting principles and should not be considered in isolation but should be read in conjunction with the unaudited condensed consolidated statements of income and the other information presented herein. Additionally, such Non-GAAP financial measure should not be considered a substitute for net income per diluted share as calculated under U.S. generally accepted accounting principles and may not be comparable to similarly titled measures of other companies.

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Robert B. Lewis

(203) 406-3160

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Manufacturing Other Manufacturing Steel Packaging Chemicals/Plastics

MEDIA:

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Tapestry Takes Action to Drive Positive Change for People, Planet and Community

• Establishes $50 Million Tapestry Foundation to Advance Equity and Opportunity and to Combat Climate Change
• Launches Bold ESG Commitments to Accelerate Corporate Responsibility Goals
• Amplifies People-Centered Focus Through Compensation Initiatives; Commits to Minimum $15 an Hour Wage for U.S. Hourly Employees

NEW YORK–(BUSINESS WIRE)–
Tapestry, Inc. (NYSE: TPR), a leading New York-based house of modern luxury accessories and lifestyle brands, today announced actions to drive its people-centered, purpose-led strategy. First, the Company has formed a new Tapestry Foundation to advance access and equity initiatives and to combat climate change. In addition, Tapestry is taking further action to accelerate and amplify its Our Social Fabric corporate responsibility agenda to effect positive change. Tapestry is also committing to a $15 U.S. minimum wage for hourly employees and a special appreciation bonus to its global store employees.

Joanne Crevoiserat, Chief Executive Officer of Tapestry, Inc., said, “At Tapestry, we are committed to leading with purpose to stretch what’s possible both within our organization and the world at large. The initiatives we are announcing today, including the formation of the Tapestry Foundation, the expansion of our Corporate Responsibility goals and our incremental investment in our talent, represent an important step forward on this journey. Further, our resolve to making the world more inclusive, sustainable and safe has never been stronger. By taking actions that bring our purpose and values to life, we are embracing our responsibility as a global fashion company to affect positive change for our industry and our stakeholders.”

The Tapestry Foundation

The Tapestry Foundation is dedicated to advancing equity, opportunity, and dignity for all. The Foundation is committed to stretching what’s possible by supporting social and environmental programs focused on access and opportunity, while nurturing the vibrancy of our global communities.

Tapestry, Inc. has made an initial contribution of $25 million to the foundation. In addition, the Coach Foundation will grant $25 million of its corpus for the endowment of the Tapestry Foundation, which will also enable the Tapestry Foundation to take responsibility for certain ongoing Company-wide programs previously covered by the Coach Foundation and other grants in line with its mission. The Tapestry Foundation will be overseen by a board of directors comprised of members of the Company’s senior management and Anne Gates, who also serves as an independent director of Tapestry, Inc.

“I’m pleased to join the Tapestry Foundation and drive our mission to advance access and opportunity,” said Ms. Gates, “In order to effect real and lasting change, we will address some of the complex challenges our global communities are facing, notably equity, inclusion and the climate crisis.”

Bold ESG Commitments

In addition to the newly formed Foundation, Tapestry is also proud to announce four bold commitments that accelerate and amplify the Company’s existing Our Social Fabric corporate responsibility work and 2025 ESG goals.

1. Beginning in FY 2022, on a global level, 10% of leadership’s annual incentive compensation will be tied to Equity, Inclusion and Diversity goals. This will further incentivize leaders to create a diverse and inclusive culture and hold them accountable for supporting inclusive behaviors.

2. Tapestry is giving all global employees – whether corporate, retail or in the Company’s fulfillment centers – one paid volunteer day per year, reinforcing its ambition to support their communities and surpass its goal of 100,000 volunteer service hoursby 2025. Tapestry organizes year-round volunteering opportunities and employees are encouraged to volunteer for causes they care about. In fact, in FY21 alone, employees volunteered over 31,000 hours, bringing the cumulative total to over 42,000 hours since establishing the goal in 2019.

3. The Company is doubling the reach of its 2025 goal to give workers in factories across its supply chain access to empowerment programs, increasing its aspiration to reach 100,000 people.

4. Tapestry is strengthening its dedication to environmental efforts to combat climate change by committing to procure 100% renewable electricity in the Company’s stores, offices, and fulfillment centers by 2025.

Employee Compensation

Tapestry is a purpose-led organization that is committed to its people. Early in the pandemic, the Company made the decision to invest in its people, including through continued payments to retail employees while stores were closed for several months. Although COVID continues to impact parts of the world, in recognition of their effort and dedication during a particularly challenging year, Tapestry will award global store associates and store managers who do not otherwise participate in the Company’s annual incentive plans a one-time appreciation bonus of $500 and $1,000, respectively. Currently employed global store employees who were employed as of March 31, 2021 will be eligible to receive the bonus.

In addition to the appreciation bonus, beginning September 5, 2021, all U.S. Tapestry employees will earn a wage of at least $15 per hour. Tapestry’s people are the face of its brands to the customer and they play a vital role in the Company’s success. This action is an important investment in building great teams and it reinforces Tapestry’s ongoing commitment to unlock the power of its people.

Next Scheduled Announcement

The Company expects to report fiscal 2021 fourth quarter and full year results on Thursday, August 19, 2021. To receive notification of future announcements, please register at www.tapestry.com/investors (“Subscribe to E-Mail Alerts”).

The actions outlined in today’s announcements are not expected to impact the achievement of the Company’s outlook for FY21, nor materially impact the Company’s FY22 results.

Note to Editors:

For more information about Tapestry’s Our Social Fabric corporate responsibility framework and 2025 ESG goals, please visit the 2020 Report here.

About Tapestry, Inc.

Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that’s equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what’s possible. To learn more about Tapestry, please visit www.tapestry.com. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.

This information to be made available in this press release may contain forward-looking statements based on management’s current expectations. Forward-looking statements include, but are not limited to, the statements regarding the company’s Our Social Fabric initiatives, goals and bold commitments, and statements that can be identified by the use of forward-looking terminology such as “may,” “will,” “can,” “should,” “expect,” “intend,” “estimate,” “ensure,” “continue,” “project,” “guidance,” “forecast,” “outlook,” “anticipate,” “leveraging,” “sharpening,” transforming,” “creating,” accelerating,” “enhancing,” leaning into,” “innovation,” “drive,” “targeting,” “assume,” “plan,” “progress,” “optimistic,” “confident,” “future,” “uncertain backdrop,” “emerge,” “on track,” “well positioned to,” “look forward to,” “looking ahead,” “to acquire,” “achieve,” “strategic,” “steady recovery,” “growth,” “view,” “resolve,” “embrace,” “stretching what’s possible,” or comparable terms. Future results may differ materially from management’s current expectations, based upon a number of important factors, including risks and uncertainties such as the impact of the Covid-19 pandemic, the ability to control costs and successfully execute our growth strategies, expected economic trends, the ability to anticipate consumer preferences, risks associated with operating in international markets and our global sourcing activities, our ability to achieve intended benefits, cost savings and synergies from acquisitions, the risk of cybersecurity threats and privacy or data security breaches, the impact of pending and potential future legal proceedings, and the impact of legislation, etc. Please refer to the Company’s latest Annual Report on Form 10-K, quarterly report on 10-Q and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors. The Company assumes no obligation to revise or update any such forward-looking statements for any reason, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005165/en/

Tapestry, Inc.

Analysts & Media:

Andrea Shaw Resnick

Chief Communications Officer

212/629-2618

[email protected]

Christina Colone

Global Head of Investor Relations

212/946-7252

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Luxury Human Resources Specialty Professional Services Philanthropy Home Goods Fashion Foundation Other Philanthropy Retail

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